Crypto Groups Push Senate to Pass CLARITY Act Before August Recess

Three major cryptocurrency groups have urged US Senate leaders to prioritize the CLARITY Act vote before their August recess. The bill aims to provide clear digital asset regulations nationwide, addressing the current fragmented landscape of state licensing and compliance for digital asset companies.

The Crypto Council for Innovation, Digital Chamber, and Blockchain Association sent a combined letter to Majority Leader John Thune and Minority Leader Chuck Schumer, expressing strong support for Senate floor consideration of the bill. They argued that consumers and businesses have increasingly come to depend on federal regulations, with an estimated 67 million Americans already owning digital assets.

The CLARITY Act would enhance protections against illegal financial transactions with digital assets, broaden anti-money laundering and sanctions authorities, and provide the Treasury Department with new tools to deal with emerging financial risks. It would also mandate that intermediaries keep customer money and company money completely apart at all times, require qualified custodians, and make transparent disclosures on the risks of digital assets.

The bill's supporters argue that it would fill longstanding loopholes in the industry and give the Commodity Futures Trading Commission authority over digital commodity spot markets. They also believe that congressional action would bolster the US' standing in the worldwide digital economy, spur additional investment, and promote responsible innovation.